Truist Financial Co. (NYSE:TFC) Declares $0.52 Quarterly Dividend

Truist Financial Co. (NYSE:TFC) declared a quarterly dividend on Tuesday, October 22nd, RTT News reports. Shareholders of record on Friday, November 8th will be paid a dividend of 0.52 per share by the insurance provider on Monday, December 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.79%.

Truist Financial has increased its dividend by an average of 4.9% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Truist Financial has a payout ratio of 52.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Truist Financial to earn $3.92 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 53.1%.

Truist Financial Stock Performance

Truist Financial stock opened at $43.39 on Wednesday. Truist Financial has a twelve month low of $26.95 and a twelve month high of $45.31. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $58.06 billion, a P/E ratio of -32.87, a PEG ratio of 1.83 and a beta of 1.05. The stock’s 50 day moving average is $42.73 and its 200 day moving average is $40.39.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was down 15.9% on a year-over-year basis. On average, equities research analysts predict that Truist Financial will post 3.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TFC. Royal Bank of Canada raised their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. UBS Group lifted their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Argus upped their price target on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Stephens reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, Compass Point boosted their target price on Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus price target of $46.02.

Insiders Place Their Bets

In other news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is currently owned by company insiders.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.